State Bank of India’s (SBI) new “Amrit Vrishti” Term Deposit scheme offers a lucrative opportunity for investors. The name “Amrit Vrishti” translates to “nectar shower,” symbolizing the beneficial and rewarding nature of this investment.
The scheme provides an attractive interest rate of 7.25% per annum for a tenure of 444 days, with an additional 0.50% for senior citizens, bringing their total to 7.75% per annum. This makes “Amrit Vrishti” an excellent choice for individuals looking to grow their savings securely and effectively.
| The scheme also caters to NRI Rupee Term Deposits under Rs. 3 crore, offering them an attractive investment option with higher returns. The scheme is available for investment from July 15, 2024, until March 31, 2025 |
Key Details of SBI’s Amrit Vrishti Scheme
SBI is providing the highest returns on FD rates with the SBI Amrit Vrishti Scheme. Let’s go through the FD interest rates, deposit tenure, eligibility, exclusion, interest payment options, & other important details of the scheme.
SBI Amrit Vrishti Interest Rates
| Regular Citizen Interest Rate | 7.25% per annum |
| Senior Citizen Interest Rate | 7.75% per annum |
Note: Staff and Staff Pensioners are eligible for additional interest rates
SBI Amrit Vrishti Deposit Period
The deposit period of SBI Amrit Vrishti scheme is 444 days ( 1 Year and 79 days )
SBI Amrit Vrishti Eligibility
– Applicable to Domestic Retail Term Deposits, including NRI Rupee Term Deposits below Rs 3 crore.
– Available for new deposits and renewals of existing ones.
– recurring Recurring Deposits, Tax Savings Deposits, Annuity Deposits, MACAD, Multi Option Deposits (MODs), Capital Gains Scheme, and NRI Deposits of Staff and Senior Citizens.
| While SBI Staff & Pensioners are exempt from penalties on premature withdrawals, they also benefit from the competitive interest rates offered by the scheme |
Payment of Interest For Amrit Vrishti Fixed Deposit
– For Term Deposits: Paid monthly, quarterly, or half-yearly.
– For Special Term Deposits: Paid on maturity.
– Interest will be credited to the customer’s account after deducting TDS.
The scheme primarily benefits real-time investors – making it an attractive option of returns on term deposits. In all interest, this is applicable for existing customers and new investors.
Alternatively, there is another section of the society that can benefit from SBI’s Amrit Vrishti. It is the senior citizens who get a grace of 0.50% additional interest making it a highly-yielding option on investment with 7.75% for 444 days.
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Amrit Vrishti Premature Withdrawal Rules
– For deposits up to Rs 5 lakh: 0.50% penalty on all tenors.
– For deposits above Rs 5 lakh but below Rs 3 crore: 1% penalty on all tenors.
– No interest paid on deposits withdrawn before 7 days.
– Staff and SBI pensioners are exempt from premature withdrawal penalties.
This lucrative investment is a great option for domestic customers. Term deposit for retail depositors that provides a better secured return on investment.
Also Read: SBI Amrit Vrishti FD vs Other Bank FD Schemes
SBI Amrit Vrishti Scheme Calculator
You can calculate the interest and maturity value of the SBI 444 days Amrit Vristi FD Scheme with ease using the SBI FD Calculator. Just enter the deposit amount, interest rate (which is 7.25 for regular citizens & 7.75 for senior citizens) and the depost period (which is 444 days).
SBI Amrit Vrishti Scheme Calculator
Ways to Invest in SBI Amrit Vrishti Scheme
One can open a new FD or renew an existing FD under the SBI Amrit Vrishti FD scheme. No separate product codes are required for Amrit Vrishti deposit. On selection of 444 days as the period of deposit, the Amrit Vrishti FD scheme benefits will be auto applied.
Here are the ways to open an FD under the SBI Amrit Vrishtio scheme:
– YONO SBI Mobile App
– YONO Lite (mobile banking app)
– SBI Internet Banking
– SBI Branches
The scheme is available for investment until March 31, 2025, providing a significant window for customers to benefit from the high interest rates.
Note: SBI previously introduced a comparable product named Amrit Kalash, offering 7.10% interest for the general public and 7.60% for senior citizens, with a tenure of 400 days. The last date to invest in it is 31st March 2024
Also Read: SBI New RD Scheme – Har Ghar Lakhpati
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Frequently Asked Questions
Q. What is the interest rate offered under the Amrit Vrishti TD scheme?
A. The scheme offers an interest rate of 7.25% per annum for regular customers. Senior citizens are eligible for an additional 0.50%, making it 7.75% per annum.
Q. What is the tenure of the Amrit Vrishti TD scheme?
A. The Term Deposit period for Amrit Vrishti’s scheme is 444 days
Q. Who is eligible to invest in the Amrit Vrishti TD scheme?
A. The scheme is open to domestic retail term deposits, including NRI Rupee Term Deposits, for amounts less than ₹3 crores. It is available for both new deposits and the renewal of existing deposits. However, products like recurring deposits, tax-saving deposits, annuity deposits, and others are not eligible.Yes, loans can be availed against the deposit with the applicable margin
Q. What are the premature withdrawal rules for this scheme?
A. For retail term deposits up to ₹5 lakh, the penalty for premature withdrawal is 0.50% across all tenors. For deposits above ₹5 lakh but below ₹3 crores, the penalty is 1%. No interest is paid on deposits withdrawn before seven days. However, these deposits rates are subject to market risks & rate fluctuations, it is advised to revise and stay updated from time to time with SBI’s website, SBI YONO mobile app and or newsroom.
Q. Is there a loan facility available against the Amrit Vrishti TD?
A. Yes, loans can be availed against the deposit with the applicable margin.
Q. How is interest paid on the Amrit Vrishti TD scheme?
A. Interest on term deposits is paid at monthly, quarterly, or half-yearly intervals. For special term deposits, interest is paid on maturity. Interest, net of TDS, will be credited to the customer’s account.
Q. What are the modes of investing in the Amrit Vrishti TD scheme?
A. Depositors can invest through branch banking, internet banking, and the SBI YONO mobile app.
Q. Until when is the Amrit Vrishti TD scheme available?
A. The scheme is available for investment from July 15, 2024, until March 31, 2025.
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